Osap tips/advice/questions

[Mina62]

Hello, years ago I had an Osap restriction where I completed college without osap. Now I am in university with osap, I have two kids including a high needs baby and I am having a tough time in my second year. I did okay last semester, but if I do fail a class this semester (hope not, but my study time is really limited) what will happen? Will I just have to write a letter, or will I be restricted again? BTW this whole tuition rebate really sucks, as now I will get less funding (by way of text/tech grant). Also one other question, last year I applied for and received extra commuter allowance, but this year no dice. I tried talking to finaid to no avail...

[Skyra22]

What happens when you drop a course after you've received OSAP, do you have to repay back the amount immediately or does the amount just get added to what you owe for when you're done with school?

[k_jai]

Does everybody get the 30% ($800 each semester) if they applied for OSAP?

[ryeman]

wheres MOM? no ones answering our queries

[makilla]

How do taxes work in regards to OSAP interest once you finish school?

How can one check how much deferred tuition credits does she/he have the first year after graduation?

[hobgoblins]

If I'm not eligible for a student loan but eligible for the student disability grant, will not being eligible for the student loan affect whether or not I can actually receive the grant? They make you apply for them together.

[vaportrails]

Hello, years ago I had an Osap restriction where I completed college without osap. Now I am in university with osap, I have two kids including a high needs baby and I am having a tough time in my second year. I did okay last semester, but if I do fail a class this semester (hope not, but my study time is really limited) what will happen? Will I just have to write a letter, or will I be restricted again? BTW this whole tuition rebate really sucks, as now I will get less funding (by way of text/tech grant). Also one other question, last year I applied for and received extra commuter allowance, but this year no dice. I tried talking to finaid to no avail...

If you fail one class? Probably nothing will happen. If you start consistently failing, or getting bad grades, OSAP might step in.

[vaportrails]

What happens when you drop a course after you've received OSAP, do you have to repay back the amount immediately or does the amount just get added to what you owe for when you're done with school?

If you have no prior issues with OSAP, they'll likely grant you a one-time forgiveness - but if it happens again, you will be required to pay it back before further funding is made available to you.

[hobgoblins]

Okay the other question has been resolved, but now I have a few others.

If I was married to another student and our combined incomes were below 28k (the top of the lower class bracket for Alberta), would be both be eligible for the low income grants? Could we each have student loans? We would have some help from our parents, so we wouldn't need very much student loan money, any money we need would be covered by the grant. We would not be concerned with them expecting the other to contribute to life expenses, we just need to be eligible for the loan.

The information I have found says that if you are married, you are considered to be an independent student. Even if we are below 22 years of age and have not been out of high school for 4 years or more, would this hold true?

Can we have a mortgage and still be eligible for student loans if our income is low? If we can, is there a limit on how much equity we can have in a mortgage?

If all of these things are possible and my significant other graduates before I do, and then is making approximately 30k until I do graduate a few years later, while I make 10k, could I still be eligible for a student loan (no matter how minuscule) if we were contributing a portion of our incomes to our mortgage?

Can one give another family member a gift of money while having a student loan?

Much appreciation to anyone who can answer these questions!

[Timmie G]

Me again .... LOL

I have a time line question. From what I've been told, OSAP is issued in September. The college my daughter has been accepted to, requires the residence fee to be paid by the end of July. If one is applying for OSAP it usually means they don't have the money, so how is she supposed to have the $5000 in July? Also, according to OSAP, you usually find out about your financial acceptance by mid June if you apply early. However, if you want your $500 deposit for residence back (can't afford to go in residence, don't get enough funding etc.) it has to be done by mid June or you lose it.

Has anyone else experience such early payment timelines? If so, how did you manage it? My daughter will have full time work in the summer but it won't amount to $5000, and especially by the end of July LOL

Thanks in advance

[CSK'sMom]

Can I pay back some money to OSAP even if i am still a student? Also, if i pay couple thousand back to OSAP, will my monthly payments be lower?

Yes you can make payments at any time, including while in school. These are paid directly to your principle loan amount. Ultimately it will reduce your monthly payments when it comes time to repay.

Hey,

I'm planning to return for a fifth year to ultimately graduate next fall. Does OSAP extend loans above four years? If yes, I would have to be a full-time student to get OSAP next year right? Which means taking at least a 60% course load? And obviously if I do intend to come back next year, I wouldn't have to repay back my cumulative loans until 6 months after I graduate? Say I graduate December, so not until June right? I know these are pretty straightforward questions but I would just like the reassurance!

Thanks, much appreciated!

Mango

Yes, as long as you are in school fulltime your loans remain interest and payment free. It's worth noting that interest begins the day after your last day of regular classes (not exams!).

Hey I'm about to appeal to OSAP because of my commute from Brampton to downtown, I pay approx. 200/month for commuting how much more OSAP can I expect to recieve?

Good luck with that one. Transportation costs are already part of the funding assessment.

I received a letter from osap saying how much I owe, I am currently in year one of my studies and it's a two year program. I no longer need osap for next year. Do I have to start paying them now or can I call them up and tell them I am still full time student until 2013? and can I start paying them back in 2013

You need to make sure a confirmation of enrollment and continuation of interest free status forms are completed in Sept to keep your loans in interest free and payment free status...

I need help.

OSAP this semester $3000
Won $2000 this week on lottery.

Will this effect my OSAP, and if yes How??

Are the winnings considered in-study income?? Can the $2000 be used as the total semester income since I don't have a part time job??

Thanks

You need to report the winning to your finaid office and it will trigger a reassessment. I can't say for sure how it will impact you but it most likely will. In study income is capped at $103 week and not looked at as a whole for the term..

[CSK'sMom]

Hello everyone.

I am currently in my second year at York University, and my OSAP funds for both the fall and winter semester have been released.
However I plan on transferring over to Humber for the next Fall/Winter session. Initially I wanted to drop out of York right when I get acceptance (I'm expecting it really soon) so that I could work full time to start paying off my OSAP debt. However from I've read, if I drop out of school I will NOT enter a interest free grace period, and I have to make arrangements to start paying this debt 6 months from the month I dropped out.

My questions are:
i) What are the repercussions, in terms of on my credit rating, if I were to drop out?
ii) Even though I am dropping out of York, I plan on attending Humber the next Fall/Winter session, shouldn't this mean that I could enter the interest free grace period again?

I also note that I will not be taking OSAP for the next fall/winter session, my parents have got me for the next year. Meanwhile I plan on paying back my debts, because I may need OSAP for the following year.

I suppose I could "tough it out" and stay at York to finish the semester, but I see that as a huge waste of time, considering I could be working, and the marks in my classes would mean nothing (they would not transfer over to my program at Humber anyways).

Any help would be much appreciated!

If you don't make your payments, your credit rating will be impacted. It can also mean that you will be barred from OSAP in the future. Make the payments, no matter what. Once you enter full time school again, you do the appropriate paperwork and your loans revert back to interest and payment free status...

Hi,

I have received far less OSAP than the amount I need to cover my costs.

I go to Ryerson.

I wish to appeal.

I was told to visit this site :http://www.ryerson.ca/currentstudent...s/appeals.html

I assume that I must choose option 1.

It says :

To review the circumstances a student may summit an appeal of their OSAP funding review the following table.

When I download the table, it shows many categories and boxes which are already marked 'X'. This has got me a bit confused.. What am I suppose to do. Please help, also, what documentation do I need?

Please help, it would be greatly appreciated!

Thanks in advance.

Exactly on what grounds do you think you have an appeal? It's worth noting that appeals are almost never, ever won BTW.

Can i get OSAP for the Master of Finance program from Queen' School of Business?

Yes, if the program and school are approved for OSAP.

"Funding Certificates" are payments that go directly from OSAP to the College/Uni right? Not something that should be sent to the student directly?

No. Funding certificates are just another name for your loan documents. You pick them up each term at your finaid office. Some schools require outstanding fees to be paid directly to them and if so, it's marked in the appropriate section of the documents.

[CSK'sMom]

Hello, years ago I had an Osap restriction where I completed college without osap. Now I am in university with osap, I have two kids including a high needs baby and I am having a tough time in my second year. I did okay last semester, but if I do fail a class this semester (hope not, but my study time is really limited) what will happen? Will I just have to write a letter, or will I be restricted again? BTW this whole tuition rebate really sucks, as now I will get less funding (by way of text/tech grant). Also one other question, last year I applied for and received extra commuter allowance, but this year no dice. I tried talking to finaid to no avail...

Were you placed on academic probation when you were reinstated for OSAP? You need to pass 60% courseload to stay out of probation with OSAP.

What happens when you drop a course after you've received OSAP, do you have to repay back the amount immediately or does the amount just get added to what you owe for when you're done with school?

Depends on your school's fee structure. If it's fee per credit you will be reassessed and have an overpayment. First one if forgiven but after that they are repayable before any more funding is released.

Does everybody get the 30% ($800 each semester) if they applied for OSAP?

Nope

How do taxes work in regards to OSAP interest once you finish school?

How can one check how much deferred tuition credits does she/he have the first year after graduation?

Hopefully you were filing your taxes all throughout school. If you didn't, you need to file all those previous years now. On your notice of assessment from CRA your deferred credits will be listed. You also need to file all through school to get your opportunity grant applied to your outstanding loans. They will not assess or apply the grant till you have filed taxes for both tax years of the school year.

If I'm not eligible for a student loan but eligible for the student disability grant, will not being eligible for the student loan affect whether or not I can actually receive the grant? They make you apply for them together.

You need to eligible for $1 in OSAP funding to be eligible for the grants unfortunately. Why are you ineligible for OSAP?

[CSK'sMom]

Okay the other question has been resolved, but now I have a few others.

If I was married to another student and our combined incomes were below 28k (the top of the lower class bracket for Alberta), would be both be eligible for the low income grants? Could we each have student loans? We would have some help from our parents, so we wouldn't need very much student loan money, any money we need would be covered by the grant. We would not be concerned with them expecting the other to contribute to life expenses, we just need to be eligible for the loan.

The information I have found says that if you are married, you are considered to be an independent student. Even if we are below 22 years of age and have not been out of high school for 4 years or more, would this hold true?

Can we have a mortgage and still be eligible for student loans if our income is low? If we can, is there a limit on how much equity we can have in a mortgage?

If all of these things are possible and my significant other graduates before I do, and then is making approximately 30k until I do graduate a few years later, while I make 10k, could I still be eligible for a student loan (no matter how minuscule) if we were contributing a portion of our incomes to our mortgage?

Can one give another family member a gift of money while having a student loan?

Much appreciation to anyone who can answer these questions!

This thread is really only for OSAP which is Ontario's student loan program. I really can't help you with Alberta's program... I can't figure out which student loan program you are asking about..

[CSK'sMom]

Me again .... LOL

I have a time line question. From what I've been told, OSAP is issued in September. The college my daughter has been accepted to, requires the residence fee to be paid by the end of July. If one is applying for OSAP it usually means they don't have the money, so how is she supposed to have the $5000 in July? Also, according to OSAP, you usually find out about your financial acceptance by mid June if you apply early. However, if you want your $500 deposit for residence back (can't afford to go in residence, don't get enough funding etc.) it has to be done by mid June or you lose it.

Has anyone else experience such early payment timelines? If so, how did you manage it? My daughter will have full time work in the summer but it won't amount to $5000, and especially by the end of July LOL

Thanks in advance

Ok, Yes OSAP is issued after school starts in Sept and at the start of each term thereafter. If she is accepted into rez there will be an OSAP deferral form for the full fees. They usually allow OSAP students to pay by the term, vs the full year upfront. She will still have to make the minimum deposit though on time. As soon as the OSAP application for next school year goes live (it went live in March last year), do the app and get it submitted. They process them pretty quickly so she should have a fully processed app before the mid June deadline.